Crackdown on payday loans leads to fewer borrowers hit with extra charges

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The Consumer Finance Association (CFA), which represents short-term lenders, commissioned the report into how payday loan customers have been affected by stricter rules for payday lenders. 

The new rules have included forcing lenders to carry out tighter affordability checks and a cap being put on the overall cost of a payday loan. The cap was introduced in 2015, to stop fees spiralling out of control. 

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